Schroder Ventures International Investment Trust (SVIIT) suffered net losses of £26m (€42m), or 6% of its private equity investment portfolio, in 2001.

There was £11m of realised gains during the year. There was also an £11m unrealised write-up in the trust's investment in Homebase, the UK &quotdo-it-yourself&quot retail chain, which had performed ahead of budget after operational restructuring and a repositioning of the business. Homebase is preparing to be floated at an estimated value of £900m.